The Nasdaq Composite reached an all-time high on Friday, surpassing its previous record set in 2021. Investors showed confidence in megacap technology stocks as a way to capitalize on slowing inflation and the anticipated growth in artificial intelligence.
The tech-focused Nasdaq climbed 1.14% to reach 16,274.94. This surge in the index followed its record close from the previous day. The S&P 500 also reached a new high, gaining 0.80% to close at 5,137.08. The Dow Jones Industrial Average saw an increase of 90.99 points, around 0.23%, closing at 39,087.38.
Noteworthy among the tech giants, Nvidia, a prominent chipmaking company, continued its impressive rally, surging by another 4% on Friday. Meta, formerly known as Facebook, also saw a gain of more than 2% for the day.
Looking at the weekly performance, the Nasdaq experienced a 1.74% increase, while the S&P 500, which reached a record high on Thursday, advanced by 0.95%. Both indexes posted gains for the seventh time in the last eight weeks. In contrast, the 30-stock Dow lagged behind, showing a marginal decrease of 0.11%.
Source (CNBC)
